Given the amount of criticism that has been directed at the private-sector retirement system recently, some might ask whether ERISA's 40th anniversary is something to celebrate. 

We can certainly find imperfections. But when we judge something as complex as this body of law, we should view it not with the eye of a perfectionist, but the eye of a realist. That's not much different than having a reasonable perspective on interpersonal relationships. If we're looking for perfection, we are likely to be disappointed. 

Very few who are working in the retirement industry today were in the business in 1974, the year of ERISA's enactment. But an objective look at the state of retirement plans before that time leads to the inescapable conclusion that things have changed for the better. There may be shortcomings in the implementation and operation of plans under the ERISA umbrella. But these shortcomings generally have little to do with the intent of its provisions.